Key Highlights

• ZUNVEYL Launch Momentum: Completed the second quarter of commercialization, generating approximately $2.8 million in total revenue for the quarter.
• Significant Growth: 102% quarterly increase in pharmacy orders, with record prescription volumes achieved each month during the quarter.
• Expanding Prescriber Base: Q3 prescribers surpassed 500, representing 55% growth over the prior quarter.
• Disciplined Expense Management: Full-year operating spend guidance reduced to $28–30 million; the Company expects operating profitability in 2027.
• Strong Balance Sheet: $35.4 million in cash and cash equivalents as of September 30, 2025, excluding the October capital raise, which added $37.8 million in net proceeds, resulting in total pro forma non-GAAP cash and cash equivalents of approximately $73.2 million.

Alpha Cognition Inc. (Nasdaq: ACOG) (“Alpha Cognition” or the “Company”) today announced its financial results for the third quarter ended September 30, 2025, and provided an operational update.

“Our performance this quarter reinforces our belief in the strength of our long term care focused call strategy and reflects disciplined execution across the organization,” said Michael McFadden, Chief Executive Officer of Alpha Cognition. “Momentum for ZUNVEYL continues to build as we deepen engagement with LTC providers. During the quarter, we grew revenues, managed expenses, and increased our focus on the psychiatrists and medical directors. Clinician feedback continues to validate our belief that ZUNVEYL will become an important therapeutic option in the long-term care segment.”

Recent Business and Operational Highlights

• ZUNVEYL Commercial Progress: Achieved 102% quarter-over-quarter growth in pharmacy orders.
• Revenue Growth: Generated $2.8 million in total revenues, comprising $2.3 million in product sales and $0.5 million in business development revenue.
• Market Penetration: The sales team engaged with more than 1,850 prescribers, driving prescription activity in over 600 nursing homes.
• Cost Discipline: Operating expenses of $7.5 million (including only R&D and SG&A) in Q3 reflect continued prudent expense management. Full-year 2025 operating spend guidance reaffirmed at $28–30 million.

Third Quarter 2025 Financial Results

• Revenues: ZUNVEYL net product revenues were $2.3 million, and licensing revenue totaled $507 thousand, for a combined total of $2.8 million for the quarter ended September 30, 2025.
• Research & Development: Expenses were $574 thousand, compared to $996 thousand in Q3 2024.
• Selling, General & Administrative: Expenses were $6.9 million, up from $1.5 million in Q3 2024, reflecting increased commercial investment.
• Operating Loss: $5.3 million, compared to $2.5 million in Q3 2024.
• Net Loss: $1.3 million, an improvement from $1.9 million in Q3 2024.
• Cash Position: $35.4 million as of September 30, 2025, compared to $48.5 million as of December 31, 2024. Following the $37.8 million in net proceeds from our capital raise completed in October 2025, the Company expects a cash runway of approximately two years at forecasted operating levels.

Conference Call Information

Following the release, management will host a conference call to discuss financial and operational results in greater detail.

About Alpha Cognition Inc.

Alpha Cognition Inc. is a commercial stage, biopharmaceutical company dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as Alzheimer’s disease and Cognitive Impairment with mild Traumatic Brain Injury (“mTBI”), for which there are currently no approved treatment options.

ZUNVEYL is a patented drug approved as a new generation acetylcholinesterase inhibitor for the treatment of Alzheimer’s disease, with expected minimal gastrointestinal side effects. ZUNVEYL’s active metabolite is differentiated from donepezil and rivastigmine in that it binds neuronal nicotinic receptors, most notably the alpha-7 subtype, which is known to have a positive effect on cognition. ALPHA-1062 is also being developed in combination with memantine to treat moderate to severe Alzheimer’s dementia, and as an intranasal formulation for Cognitive Impairment with mTBI.

INDICATION AND USAGE

ZUNVEYL is a cholinesterase inhibitor indicated for the treatment of mild to moderate dementia of the Alzheimer’s type in adults.

IMPORTANT SAFETY INFORMATION

CONTRAINDICATIONS

ZUNVEYL is contraindicated in patients with known hypersensitivity to benzgalantamine, galantamine, or to any inactive ingredients in ZUNVEYL. Serious skin reactions have occurred.

WARNINGS AND PRECAUTIONS

Serious Skin Reactions: Serious skin reactions (Stevens-Johnson syndrome and acute generalized exanthematous pustulosis) have been reported in patients receiving galantamine (the active metabolite of ZUNVEYL tablets). If signs or symptoms suggest a serious skin reaction, use of this drug should not be resumed, and alternative therapy should be considered.

Anesthesia: See Drug Interactions Section

Cardiovascular Conditions: Cholinesterase inhibitors, including ZUNVEYL, have vagotonic effects on the sinoatrial and atrioventricular nodes, leading to bradycardia and AV block. Bradycardia and all types of heart block have been reported in patients taking cholinesterase inhibitors, both with and without known underlying cardiac conduction abnormalities. Therefore, all patients should be considered at risk for adverse effects on cardiac conduction.

Patients treated with galantamine up to 24 mg/day using the recommended dosing schedule showed a dose-related increase in risk of syncope.

Gastrointestinal Conditions: Cholinesterase inhibitors, including ZUNVEYL, may increase gastric acid secretion. Patients should be monitored closely for active or occult gastrointestinal bleeding, especially those with a history of ulcer disease or those receiving concurrent nonsteroidal anti-inflammatory drugs (NSAIDs). Clinical studies of galantamine have shown no increase, relative to placebo, in the incidence of either peptic ulcer disease or gastrointestinal bleeding.

Galantamine has been shown to produce nausea, vomiting, diarrhea, anorexia, and weight loss. Monitor the patient's weight during therapy with ZUNVEYL.

Genitourinary Conditions: Although this was not observed in clinical trials with galantamine, cholinesterase inhibitors, including ZUNVEYL, may cause bladder outflow obstruction.

Neurological Conditions: Cholinesterase inhibitors are believed to have some potential to cause generalized convulsions. Seizure activity may also be a manifestation of Alzheimer's disease. Patients with Alzheimer's disease should be monitored closely for seizures while taking ZUNVEYL.

Pulmonary Conditions: Cholinesterase inhibitors, including ZUNVEYL, should be prescribed with care to patients with a history of severe asthma or obstructive pulmonary disease. Monitor for respiratory adverse reactions.

ADVERSE REACTIONS

The most common adverse reactions with galantamine tablets (≥5%) were nausea, vomiting, diarrhea, dizziness, headache, and decreased appetite.

DRUG INTERACTIONS

Use with Anticholinergics: Galantamine has the potential to interfere with the activity of anticholinergic medications.

Use with Cholinomimetics and Other Cholinesterase Inhibitors: A synergistic effect is expected when cholinesterase inhibitors are given concurrently with succinylcholine, other cholinesterase inhibitors, similar neuromuscular blocking agents or cholinergic agonists such as bethanechol.

USE IN SPECIFIC POPULATIONS

Pregnancy: Based on animal data may cause fetal harm.

Hepatic Impairment: In patients with moderate hepatic impairment, a decrease in clearance of galantamine was observed; therefore, a dosage adjustment is recommended. Use of ZUNVEYL in patients with severe hepatic impairment is not recommended.

Renal Impairment: In patients with a creatinine clearance of 9 to 59 mL/min, an increase in exposure of galantamine was observed; therefore, a dosage adjustment is recommended. Use of ZUNVEYL in patients with creatinine clearance less than 9 mL/min is not recommended.

These are not all of the possible side effects of ZUNVEYL. You can report side effects to the FDA. Visit www.fda.gov/MedWatch or call 1‑800‑FDA‑1088. Please click here for Full Prescribing Information.

Forward-looking Statements

This news release includes forward-looking statements within the meaning of applicable securities laws. Except for statements of historical fact, any information contained in this news release may be a forward‐looking statement that reflects the Company’s current views about future events and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward‐looking statements by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Although the Company believes to have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. The Company cannot assure that the actual results will be consistent with these forward-looking statements. These forward-looking statements are subject to certain risks, including risks regarding our ability to raise sufficient capital to implement our plans to commercialize ZUNVEYL, risks regarding the efficacy and tolerability of ZUNVEYL, risks related to ongoing regulatory oversight on the safety of ZUNVEYL, risk related to market adoption of ZUNVEYL, risks related to the Company’s intellectual property in relation to ZUNVEYL, risks related to the commercial manufacturing, distribution, marketing and sale of ZUNVEYL, risks related to product liability and other risks as described in the Company’s filings with Canadian securities regulatory authorities and available at www.sedar.com and the Company’s filings with the United States Securities and Exchange Commission (the “SEC”), including those risk factors under the heading “Risk Factors” in the Company’s most recent Annual Report on Form 10-K filed with the SEC on March 31, 2025 and the Company’s other filings with the SEC available at www.sec.gov. These forward‐looking statements speak only as of the date of this news release and the Company undertakes no obligation to revise or update any forward‐looking statements for any reason, even if new information becomes available in the future, except as required by law.

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